You thought things were bad? Think again. Things are really bad. Michael Taft cuts through the (admittedly half-hearted) government spin to present our economic situation as it really is:
“If one were to look at the headline rate – GDP – you’d say, well, it’s not great in Ireland but we’re doing better than the Eurozone.
However, when one looks below the headline rates, another picture emerges – of an Irish economy falling further behind Eurozone averages. When we remove the froth of the multi-national driven export sector (an ‘enclave’ as the IMF described it), we see our economy for what it is: a sluggard.”
Or dead in the water. Taft then lists the true indicators of where we are at and where we may be heading with a final telling point:
“Where does Ireland stand in the Eurozone tables regarding domestic growth?
Ireland is well down the table. Irish GNI/GNP is expected to ‘grow’ by 0.1 percent over the next two years. The average growth for other EU-15 countries is 1.4 percent. But the average growth for those countries not in bail-out (excluding Ireland, Greece and Portugal), the average growth rate is projected to be 2.1 percent. 2.1 percent to 0.1 percent: that is the comparative measurement that should alarm and depress us.”
- Eurozone economy grows by paltry 0.2 percent in Q3 (seattlepi.com)
- Eurozone GDP Grows Just 0.2% In Q3 Thanks To Germany And France (businessinsider.com)
- The Eurozone Crisis (socyberty.com)
- (ADIEU) Eurozone fears spread to core countries #no2eu (dreadnoughtuk.wordpress.com)
- How Do we Solve the Eurozone Crisis, Where Is the ECB Printing Press? (xkorpion.wordpress.com)